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Custodian and Allied declares N5.15bn profit

Custodian and Allied Plc has released its audited
consolidated annual results for the year ended 31 December 2014, which showed
that it made a pre-tax profit of N5.15bn.

The groupís total assets base rose to N48.9bn,
while its profit before tax and profit after tax were N5.15bn and N4.09bn,
respectively, indicating a year-on-year growth of 19 per cent in profit before
tax.

A statement from the company said that in
furtherance of its commitment to regular dividend payment to shareholders, an
interim dividend of six kobo per share was paid in September, 2014.

It added that following the release of the audited
results for the year, the Board of Directors has proposed the payment of an
additional 12 kobo per share as final dividend, bringing the total dividend to
18 kobo per share in respect of the results of 2014 financial year.

According to the statement, the audited result
demonstrates Custodianís resilience in a challenging operating environment.

Custodian and Allied is a wholly-owned Nigerian
investment holding company quoted on the Nigerian Stock Exchange and with
significant investments in general and life insurance, pension fund
administration, trusteeship and property holding businesses.

The statement said the company maintained a
leadership position in the Other Financial Services sector, while its
subsidiaries were top players in their respective sub-sectors.

Custodian and Allied had declared a profit after
tax of N3.2bn in the nine-month period ended September 30, 2014, representing a
54 per cent increase year-on-year. It had posted a profit after tax of N2.06bn
in the corresponding period of 2013.

Its profit before tax for the nine-month period
at N3.8bn was 52 per cent higher than the N2.5bn PBT it made in the nine months
to September 30, 2013, while the gross revenue rose by 14 per cent to N14.5bn
from N16.2bn